Bybit Exchange Completes Registration with Indian Regulatory Authority Following Payment of Fine

Bybit Exchange Completes Registration with Indian Regulatory Authority Following Payment of Fine

Bybit Exchange Completes Registration with Indian Regulatory Authority Following Payment of Fine

Cryptocurrency exchange Bybit announced on Thursday that it has completed its registration with the Financial Intelligence Unit-India (FIU-IND) after agreeing to pay a fine of 92.7 million rupees (approximately 1 million US dollars).

According to an announcement issued by FIU-IND at the end of January, Bybit was fined for expanding its business in the Indian market without authorization, in violation of the country’s anti-money laundering regulations. The Dubai-based exchange stated in January that it would temporarily suspend services for Indian users while undergoing regulatory procedures.

Source: [insert source]